Pegasystems Inc (PEGA) 2024 Q2 法說會逐字稿

(audio in progress)

（音訊進行中）

(Operator Instructions)

（操作員說明）

I would now like to turn the call over to Vice President, Corporate Development and Investor Relations of Pegasystems, Peter Welburn. Please go ahead.

我現在想將電話轉給 Pegasystems 企業發展和投資者關係副總裁 Peter Welburn。請繼續。

Good morning, everyone, and welcome to Pegasystems Q2 '24 earnings call.

大家早安，歡迎參加 Pegasystems '24 年第二季財報電話會議。

Before we begin, I would like to read our Safe Harbor statement. Certain statements contained in this presentation may be construed as forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. The words expect, anticipate, intend, plan, believe, will, could, should, estimate, may, forecast, guidance, or variations of such words and other similar expressions identify forward-looking statements, which speak only as of the date the statement was made and are based on current expectations and assumptions.

在我們開始之前，我想閱讀我們的安全港聲明。本簡報中包含的某些陳述可能被解釋為1995 年《私人證券訴訟改革法案》中定義的前瞻性陳述。等詞語。

Because such statements deal with future events, they are subject to various risks and uncertainties. Actual results for fiscal year 2024 and beyond could differ materially from the company's current expectations.

由於此類陳述涉及未來事件，因此受到各種風險和不確定性的影響。 2024 財年及以後的實際業績可能與公司目前的預期有重大差異。

Factors that could cause the company's results to differ materially from those expressed in forward-looking statements are contained in the company's press release announcing its Q2 2024 results and in the company's filings with the Securities and Exchange Commission, including its annual report on Form 10-K for the year ended December 31, 2023, and in other recent filings with the Securities and Exchange Commission.

可能導致公司業績與前瞻性陳述中表達的結果存在重大差異的因素包含在該公司宣布2024 年第二季度業績的新聞稿以及該公司向美國證券交易委員會提交的文件中，包括其10-10 表格年度報告。

And investors are cautioned not to place undue reliance on such forward-looking statements, and there are no assurances that the matters contained in such statements will be achieved. Although subsequent events may cause our views to change, except as required by applicable law, we do not undertake and specifically disclaim any obligation to publicly update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise.

並提醒投資者不要過度依賴此類前瞻性陳述，並且不保證此類陳述中包含的事項將會實現。儘管後續事件可能導致我們的觀點發生變化，但適用法律要求的情況除外，我們不承擔並明確否認任何公開更新或修改這些前瞻性陳述的義務，無論是由於新資訊、未來事件或其他原因。

And with that, I turn the call over to Alan Trefler, Founder and CEO of Pegasystems.

接下來，我將電話轉給 Pegasystems 創辦人兼執行長 Alan Trefler。

Thank you, Peter and to everyone who has joined today's call.

謝謝彼得和所有參加今天電話會議的人。

I'm very pleased with our performance in the first half of 2024. We continue to improve execution, and I'm happy to see that our focus on profitable growth is working well. We're accomplishing our financial goals while continuing to deliver breakthrough technology innovation. Our center at architecture and approach to statistical AI and generative AI continue to be significant differentiators that we think our competitors can't easily replicate.

我對我們 2024 年上半年的業績感到非常滿意。我們正在實現我們的財務目標，同時繼續提供突破性的技術創新。我們的統計人工智慧和產生人工智慧的架構和方法中心仍然是我們認為競爭對手無法輕易複製的顯著差異化因素。

Our newest offerings, especially Pega GenAI Blueprint, have captured the imagination of clients, prospects, and partners, allowing them to identify new possibilities and help us drive deeper engagement. Client discussions I've had since launching Blueprint are some of the most positive I've had in the Pega 40-year history. In fact, when our clients see what we've delivered, they quickly recognize the power and the opportunities. I believe that the energy and confidence in our vision is increasing and is helping to drive the kinds of results we're talking about today.

我們的最新產品，尤其是 Pega GenAI Blueprint，激發了客戶、潛在客戶和合作夥伴的想像力，使他們能夠發現新的可能性並幫助我們推動更深入的參與。自從 Blueprint 推出以來，我所進行的客戶討論是 Pega 40 年歷史上最積極的討論之一。事實上，當我們的客戶看到我們所交付的產品時，他們很快就會認識到我們的力量和機會。我相信，我們對願景的能量和信心正在增強，並有助於推動我們今天所討論的各種結果。

With tens of thousands of Pega Blueprints created over the last few months, we're identifying opportunities to accelerate growth and creating additional momentum for Pega Cloud, which will contribute to monetization. And we've barely scratched the surface of what we, our clients, and our partners can do with this game-changing technology, and we're really energized by this. I do believe that Blueprint is fundamentally changing how we engage, sell, and deliver with our clients.

透過過去幾個月創建的數以萬計的 Pega 藍圖，我們正在尋找加速成長的機會，並為 Pega Cloud 創造額外的動力，這將有助於貨幣化。我們、我們的客戶和我們的合作夥伴僅僅觸及了我們、我們的客戶和我們的合作夥伴可以利用這項改變遊戲規則的技術所做的事情的表面，我們對此感到非常興奮。我確實相信 Blueprint 正在從根本上改變我們與客戶互動、銷售和交付的方式。

Now, I want to take a few minutes to remind you about what makes our approach to AI unique and powerful, because a lot of the language we see in the industry is very buzzy and sounds very similar. But at the core, if you strip away all the tech speed, we're moving our clients way beyond the ability to write more faster code, which is what many of our competitors are doing.

現在，我想花幾分鐘時間提醒您，是什麼讓我們的人工智慧方法獨特而強大，因為我們在行業中看到的許多語言都非常流行，而且聽起來非常相似。但從本質上講，如果你放棄所有的技術速度，我們就會讓我們的客戶超越編寫更快程式碼的能力，而這正是我們許多競爭對手正在做的事情。

This is 100% wrong focus. No client has ever told us they want more code. They are drowning in code and legacy systems. They want to drive innovation, ensure their employees are satisfied and productive, and ultimately serve their customers better so the customers are satisfied, loyal, and profitable.

這是100%錯誤的焦點。沒有客戶告訴我們他們想要更多程式碼。他們淹沒在代碼和遺留系統中。他們希望推動創新，確保員工滿意和高效，並最終更好地服務客戶，使客戶滿意、忠誠和盈利。

As we've always done, we're using AI to help clients solve business challenges by giving them the ability to completely reimagine their workflows and then execute quickly and effectively. GenAI allows us to take this to the whole new level. And for decades, we've been investing in an application development approach centered around business outcomes, not code, things like enterprise processes, rules, data models, and user interface. And this marries up perfectly with our approach to GenAI.

正如我們一直以來所做的那樣，我們使用人工智慧來幫助客戶解決業務挑戰，讓他們能夠完全重新構想他們的工作流程，然後快速有效地執行。 GenAI 使我們能夠將其提升到一個全新的水平。幾十年來，我們一直在投資以業務成果為中心的應用程式開發方法，而不是程式碼、企業流程、規則、資料模型和使用者介面等。這與我們的 GenAI 方法完美結合。

Now, this allows business and IT to come together with a common visual language focused on business concepts and the customer journey, not on any particular technology or challenge. Infusing GenAI into our approach lets users unlock new ideas and implement them efficiently and effectively. And because so much of our architecture is patented, we believe it can't be easily copied or reproduced and we don't see anyone going at this problem the way we are.

現在，這使得業務和 IT 能夠透過共同的視覺語言結合在一起，該語言專注於業務概念和客戶旅程，而不是任何特定的技術或挑戰。將 GenAI 融入我們的方法中可以讓使用者釋放新想法並有效率地實施它們。因為我們的大部分架構都獲得了專利，所以我們相信它不能輕易複製或複製，而且我們沒有看到任何人像我們一樣解決這個問題。

Now, our last few calls have talked about the four major areas we believe our GenAI approach will have a massive impact for us and our clients: by delivering solutions at first, double developer productivity by putting Pega skills at their fingertips; secondly, ignite enterprise innovation through a powerful blend of industry expertise, Pega technology, and incorporating client insights, all driven by generative AI; third, maximize revenue and efficiency with real-time optimization and personalization of customer interactions and workflows; and finally, streamlining their work processes and customer experiences by giving the right people the right access to enterprise knowledge and putting processes in their hands to execute based on that knowledge.

現在，我們最後幾次電話討論了我們相信GenAI 方法將對我們和我們的客戶產生巨大影響的四個主要領域：透過首先提供解決方案，透過將Pega 技能放在他們的指尖，使開發人員的生產力翻倍；其次，透過產業專業知識、Pega 技術的強大結合，並結合客戶洞察，激發企業創新，所有這些都由生成式人工智慧驅動；第三，透過即時優化和個人化客戶互動和工作流程，最大限度地提高收入和效率；最後，透過為合適的人員提供正確的企業知識存取權並將流程交到他們手中並根據這些知識執行，從而簡化他們的工作流程和客戶體驗。

We continue to deliver on that strategy, which we showcased at PegaWorld last month. We've added GenAI capabilities that help all who use Pega do more: business and IT teams who design and plan their applications, well, Pega GenAI Blueprint is helping them collaborate, dramatically accelerate the design phase, inject new ideas and best practices, and use the power of AI and the internet to stimulate best practice thinking in their applications; and developers, where the Pega GenAI Autopilot helps them turn Blueprints into live applications, providing the ability to move from Blueprint to an application and providing contextual guidance and assistance in every step of the development journey.

我們將繼續實施上個月在 PegaWorld 上展示的這項策略。我們增加了GenAI 功能，幫助所有使用Pega 的人做更多事情：設計和規劃應用程式的業務和IT 團隊，Pega GenAI Blueprint 正在幫助他們協作，顯著加快設計階段，注入新的想法和最佳實踐，以及利用人工智慧和互聯網的力量激發應用中的最佳實踐思維；和開發人員，Pega GenAI Autopilot 幫助他們將藍圖轉化為即時應用程序，提供從藍圖遷移到應用程式的能力，並在開發過程的每一步中提供上下文指導和協助。

And I also love Pega GenAI Socrates, a first-of-its-kind GenAI tutor that revolutionizes learning by creating an interactive, tailored dialogue with each individual student to help them learn Pega skills.

我也很喜歡 Pega GenAI Socrates，他是第一個 GenAI 導師，透過與每個學生創建互動式、量身定制的對話來幫助他們學習 Pega 技能，從而徹底改變了學習方式。

Now, users of Pega applications across operations, service, and customer engagement, where we have a powerful integrated suite of more than 20 productivity boosters aimed at different use cases, are all seeing enormous benefits. Customers are leveraging self-service to get answers using GenAI Knowledge Buddy. Employees get their work done faster with expert guidance and direction from the AI through the GenAI Coach. Service agents can serve their customers better using Pega GenAI Analyze to summarize conversations and do more relevant follow-up, and marketers, who can effectively create action and manage holistic customer engagement with GenAI CDH Assistant. As you can see, we've percolated GenAI through our entire product suite. This is the basis of how we want our clients to advance in the future.

現在，跨營運、服務和客戶參與的 Pega 應用程式使用者都看到了巨大的好處，我們擁有一個強大的整合套件，其中包含 20 多個針對不同用例的生產力增強器。客戶正在利用 GenAI Knowledge Buddy 的自助服務來獲得答案。透過 GenAI Coach，借助 AI 的專家指導和指導，員工可以更快地完成工作。服務代理可以使用 Pega GenAI 分析來總結對話並進行更多相關的後續工作，從而更好地為客戶服務，而行銷人員則可以使用 GenAI CDH Assistant 有效地制定行動並管理整體客戶參與。正如您所看到的，我們已將 GenAI 滲透到我們的整個產品套件中。這是我們希望客戶未來進步的基礎。

Now, a moment on PegaWorld, it was really inspiring and as exciting as any that I've seen in more than 30 years. The attendees were super eager to explore the new innovations, especially Pega Blueprint, where we had multiple Pega Blueprint kiosks around the event. And there were lines of people up to 5 feet waiting to get their hands on it. More than 1,000 new Blueprints were created in just the two days of PegaWorld.

現在，在 PegaWorld 上的一個時刻，真的非常鼓舞人心，並且與我 30 多年來所見過的任何時刻一樣激動人心。與會者非常渴望探索新的創新，尤其是 Pega Blueprint，我們在活動周圍設有多個 Pega Blueprint 資訊亭。人們排起了長達 5 英尺的長隊，等待著拿到它。 PegaWorld 僅在兩天內就創建了 1,000 多個新藍圖。

And in client meetings I've had this quarter, including some of those at PegaWorld, clients are excited about our vision for GenAI and the potential impact it can have on their business. And though it's early days, several clients spoke about their Blueprint experience and I find what Aflac said particularly inspiring.

在我本季舉行的客戶會議中，包括在 PegaWorld 舉行的一些會議中，客戶對我們對 GenAI 的願景及其對他們業務的潛在影響感到興奮。儘管現在還處於早期階段，但一些客戶談到了他們的 Blueprint 體驗，我發現 Aflac 所說的特別鼓舞人心。

For the second year, they ran what we call a Pega-thon, which brought together about 70 of their teammates across the company for two half days to develop application prototypes for key business units, all using Pega. The team included business stakeholders with no software experience, developers with no Pega experience, representatives from their partner, Coforge, as well as VPs from the business units involved. This year, they use Blueprint to create the workflows for apps they had defined that really fundamentally have the prospect of changing their business and driving a digital transformation strategy.

第二年，他們舉辦了我們稱為 Pega 馬拉鬆的活動，該活動聚集了全公司大約 70 名隊友，花了兩個半天的時間為關鍵業務部門開發應用程式原型，所有這些都使用 Pega。該團隊包括沒有軟體經驗的業務利害關係人、沒有 Pega 經驗的開發人員、合作夥伴 Coforge 的代表以及相關業務部門的副總裁。今年，他們使用藍圖為他們定義的應用程式創建工作流程，這些應用程式真正有可能從根本上改變他們的業務並推動數位轉型策略。

Terry Henry, the digital service delivery leader at Aflac, who delivered a presentation at PegaWorld, said what I'm hoping that all clients will say. Well, we've been quite impressed with the speed, agility, and intelligence of Pega GenAI Blueprint. It helped us optimize workflow designs across an array of business scenarios and for a number of different business departments.

Aflac 數位服務交付負責人 Terry Henry 在 PegaWorld 上發表了演講，他說了我希望所有客戶都會說的話。嗯，Pega GenAI Blueprint 的速度、敏捷性和智慧給我們留下了深刻的印象。它幫助我們跨一系列業務場景和多個不同業務部門優化工作流程設計。

By drawing on Pega's best practices via generative AI, we can quickly create apps and processes that meet our requirements in record time. This is truly a differentiated use of generative AI that will help propel our digital transformation project forward for the ultimate benefit of our employees and customers. Just terrific when customers stand up and say that sort of thing.

透過生成式 AI 借鑒 Pega 的最佳實踐，我們可以在創紀錄的時間內快速創建滿足我們要求的應用程式和流程。這確實是生成式人工智慧的差異化使用，將有助於推動我們的數位轉型專案向前發展，從而為我們的員工和客戶帶來最終利益。當顧客站起來說出這樣的話時真是太棒了。

We were also very excited to see that our partners have embraced Blueprint's value and have themselves created over 10,000 Blueprints. With the latest release, we can upload their proprietary Blueprints to Pega's best practice library for them to use in their client engagements and to help them create new services. About a dozen partners have already taken advantage of this new capability and have created about 70 best practice Blueprints to use with their clients.

我們也非常高興地看到我們的合作夥伴已經接受了 Blueprint 的價值，並且自己創建了超過 10,000 個藍圖。透過最新版本，我們可以將他們專有的藍圖上傳到 Pega 的最佳實踐庫，供他們在客戶活動中使用並幫助他們創建新服務。大約有十幾個合作夥伴已經利用了這項新功能，並創建了大約 70 個最佳實踐藍圖供其客戶使用。

Now, it was a terrific opportunity, I think, for us to broaden the way we go to market by empowering our partners to take advantage of this new capability. And one thing I love is that the Pega team, in the first quarter of this year, engaged with our partners to make sure that they were really up to speed and able to get on their front foot with this new facility, even as it continues to evolve.

現在，我認為，這對我們來說是一個絕佳的機會，可以讓我們的合作夥伴利用這項新功能，從而拓寬我們進入市場的方式。我喜歡的一件事是，Pega 團隊在今年第一季與我們的合作夥伴進行了接觸，以確保他們真正跟上進度並能夠在這個新設施上取得領先地位，即使它仍在繼續進化。

Now, I know many of you attended PegaWorld and came to our investor conference, and it was great to see you there. For those who didn't or missed day two, I encourage you to check out our website and watch the keynotes. And now if you want to hear the rest of what Aflac was saying, that is -- the dozens and dozens of videos is there as well.

現在，我知道你們中的許多人參加了 PegaWorld 並參加了我們的投資者會議，很高興在那裡見到你們。對於那些沒有或錯過第二天的人，我鼓勵您查看我們的網站並觀看主題演講。現在，如果你想聽 Aflac 所說的其餘內容，那就是——還有數十個影片。

Now, in addition to the incredible client stories, we also made several important product announcements to move our vision forward, including enhancements to Pega GenAI Blueprint that accelerate transformational design, including an improved, more intuitive user interface, the ability for clients to import existing assets, content, and knowledge that jumpstart their designs, the ability to have multiple people to collaborate directly on Blueprints, and the ability to upload and save partner workflow templates into our best practices library.

現在，除了令人難以置信的客戶故事之外，我們還發布了幾項重要的產品公告，以推動我們的願景向前發展，包括加速轉型設計的Pega GenAI Blueprint 的增強功能，包括改進的、更直覺的使用者介面、客戶匯入現有產品的能力快速啟動設計的資產、內容和知識，讓多人直接在藍圖上進行協作的能力，以及將合作夥伴工作流程範本上傳並保存到我們的最佳實踐庫中的能力。

Blueprint is getting better every week. As a SaaS app that runs on pega.com, it's really empowered us to operate at an incredibly rapid pace with our clients. In fact, just last night, we added facilities to it to allow the import of BPMN, business process management notation, diagrams to be able to turn them into the key workflows of a Blueprint.

藍圖每週都在變得更好。作為在 pega.com 上運行的 SaaS 應用程序，它確實使我們能夠以令人難以置信的速度與客戶合作。事實上，就在昨晚，我們為其添加了一些工具，允許導入 BPMN、業務流程管理符號、圖表，以便能夠將它們轉變為藍圖的關鍵工作流程。

BPMN is, from my point of view, an ancient and derelict standard from the early 2000s that Pega has long passed by but many people still use. We're going to make it much easier for people to do a legacy transformation of these old sort of difficult update systems into the extremely modern model-driven design that underlies Pega.

在我看來，BPMN 是 2000 年代初期的一個古老且被廢棄的標準，Pega 早已過時，但許多人仍在使用。我們將使人們更容易將這些舊的、困難的更新系統轉換為 Pega 基礎上的極其現代的模型驅動設計。

Now, we also announced Pega GenAI Socrates, which completely transforms the process for learning Pega skills. This dynamic learning environment fosters an interactive dialogue, and it's very new, but I think it's incredibly exciting. And we've actually had clients who have begun to put their assets and their information into some Socrates classes so that they can do a better job of teaching their staff, things that don't even apply to Pega. And we think this represents a really interesting opportunity to look at going forward.

現在，我們也發布了 Pega GenAI Socrates，它徹底改變了學習 Pega 技能的過程。這種動態的學習環境促進了互動對話，這是非常新的，但我認為它非常令人興奮。事實上，我們的客戶已經開始將他們的資產和資訊投入到一些蘇格拉底課程中，以便他們可以更好地教導他們的員工，而這些甚至不適用於 Pega。我們認為這是一個非常有趣的機會來展望未來。

And we expanded our GenAI framework with new connectors to Google Cloud and AWS that give our clients more options to use a different LLM if there's a good reason to. Our clients now have a broader set of capabilities to be able to build generative AI applications, and we've really focused on trying to bring the security, privacy, and key aspects of responsible AI into what our technology does.

我們透過與 Google Cloud 和 AWS 的新連接器擴展了 GenAI 框架，這為我們的客戶提供了更多選擇，讓他們可以在有充分理由的情況下使用不同的 LLM。我們的客戶現在擁有更廣泛的能力來建立生成式人工智慧應用程序，我們真正專注於嘗試將安全性、隱私性和負責任的人工智慧的關鍵方面融入我們的技術中。

I'll also mention that this morning, we announced that we have received FedRAMP high ready compliance and in-process status for Pega Cloud for Government. We've been FedRAMP moderate for a long time. Now being raised to FedRAMP's most rigorous standard is something that we're very excited about, and we'll be working on completing in coming months. As you know, the government business is quite important to us, so we think this just helps give another vote of confidence in the US and even around the world as people look at it.

我還要提到的是，今天早上，我們宣布我們已收到針對政府的 Pega Cloud 的 FedRAMP 高度就緒合規性和進程中狀態。長期以來，我們一直保持 FedRAMP 溫和態度。現在，我們非常高興能夠達到 FedRAMP 最嚴格的標準，我們將在未來幾個月內努力完成。如您所知，政府業務對我們非常重要，因此我們認為這有助於在人們看待它時對美國乃至全世界投下另一張信任票。

So in summary, we continue to improve execution to drive profitable growth while delivering, I think, revolutionary innovation. We have a vision for leveraging AI and GenAI that is driving deeper engagement and absolutely inspiring increased confidence with our stakeholders.

總而言之，我們將繼續提高執行力，以推動獲利成長，同時提供革命性創新。我們的願景是利用 AI 和 GenAI 推動更深入的參與，並絕對增強利害關係人的信心。

Now, while we have a lot of competitors cocketing, we're delivering tangible, groundbreaking solutions, and they're in an architectural approach that we don't think competitors can match. And this approach and architecture are unique. It's been the basis of Pega and developed by Pega over our decades. And what I love about the way we put statistical AI and generative AI to work is how perfectly it fits in with this heritage.

現在，雖然我們有很多競爭對手在競爭，但我們正在提供實際的、突破性的解決方案，而且它們採用的架構方法是我們認為競爭對手無法匹敵的。這種方法和架構是獨一無二的。它是 Pega 的基礎，並由 Pega 經過數十年的發展。我喜歡統計人工智慧和產生人工智慧的工作方式，因為它與這項傳統完美契合。

Now, to provide more color on our financial results, I'll now turn it over to Pega's COO and CFO, Ken Stillwell. Take it away, Ken.

現在，為了讓我們的財務表現更加生動，我將把它交給 Pega 的營運長兼財務長 Ken Stillwell。把它拿走，肯。

Thanks, Alan. Our execution was truly exceptional in the first half of the year, and I'm really proud of the way our team is improving profitability, but also focusing on driving growth. This success reflects our continued commitment to delivering efficient growth and demonstrates that we're fully advancing a Rule of 40 mindset in the business.

謝謝，艾倫。今年上半年我們的執行力確實非常出色，我對我們的團隊在提高獲利能力的同時也專注於推動成長的方式感到非常自豪。這項成功體現了我們對實現高效成長的持續承諾，並表明我們正在全面推進業務中的 40 條規則思維方式。

The most important metric to measure the success of our business is growth in annual contract value. ACV grew 13% year over year in constant currency, exceeding $1.3 billion. Our ACV growth reaccelerated from Q1 to Q2 for three reasons.

衡量我們業務成功與否的最重要指標是年度合約價值的成長。以固定匯率計算，ACV 年增 13%，超過 13 億美元。我們的 ACV 成長從第一季到第二季再次加速，原因有三。

First, we significantly increased client engagement, thanks to the go-to-market changes we made in 2023 and the enormous interest in what we're doing with artificial intelligence. Clients are very excited about our AI vision and execution. We've reinvigorated their enthusiasm about Pega, and it's driving strategic conversations.

首先，由於我們在 2023 年做出的上市改變以及人們對我們在人工智慧方面所做的事情的巨大興趣，我們顯著提高了客戶參與度。客戶對我們的人工智慧願景和執行感到非常興奮。我們重新激發了他們對 Pega 的熱情，這正在推動戰略對話。

More specifically, Pega GenAI Blueprint is dramatically changing the way our field teams engage with our clients and prospects. Nailing down an app design used to take weeks or months; now, it takes hours. Pega GenAI Blueprint helps businesses and technical teams align on a vision quickly. We've seen tens of thousands of new Blueprints created so far, a strong sign that Blueprint is transforming our overall selling process.

更具體地說，Pega GenAI Blueprint 正在極大地改變我們的現場團隊與客戶和潛在客戶互動的方式。過去，確定應用程式設計需要花費數週或數月的時間；現在，需要幾個小時。 Pega GenAI Blueprint 幫助企業和技術團隊快速達成願景。到目前為止，我們已經創建了數以萬計的新藍圖，這是藍圖正在改變我們整體銷售流程的強烈跡象。

Our decision to permeate our product line with AI is really energizing clients and making them more amenable to moving forward with us, which is also transforming our selling cycle and culture. To be very clear, we don't view the monetization of GenAI primarily as the selling of new-priced offerings, although we did see some of that activity in Q2. Instead, we see GenAI as a totally different way to engage and ideate with clients to modernize legacy applications and enable digital transformation.

我們決定將人工智慧滲透到我們的產品線中，這確實激發了客戶的活力，讓他們更願意與我們一起前進，這也改變了我們的銷售週期和文化。需要非常明確的是，我們並不認為 GenAI 的貨幣化主要是銷售新定價的產品，儘管我們確實在第二季看到了一些此類活動。相反，我們將 GenAI 視為一種與客戶互動和構思的完全不同的方式，以實現遺留應用程式的現代化並實現數位轉型。

The second reason ACV accelerated from Q1 to Q2 is because our latest innovations are serving as a catalyst for clients to build new workflows on or move existing workflows to Pega Cloud, where they can get access to our latest capabilities. Pega Cloud net new ACV contributed 81% of the total net new ACV added in the first half of the year, which is an acceleration and amazing to see. Pega Cloud ACV grew 19% year over year, and Pega Cloud backlog passed $1 billion for the first time ever in Q2, just awesome.

ACV 從第一季到第二季加速的第二個原因是，我們的最新創新正在成為客戶在Pega Cloud 上建立新工作流程或將現有工作流程移至Pega Cloud 的催化劑，他們可以在其中訪問我們的最新功能。 Pega Cloud淨新增ACV佔上半年淨新增ACV總量的81%，這是一個令人驚嘆的加速。 Pega Cloud ACV 年成長 19%，Pega Cloud 積壓訂單在第二季首次突破 10 億美元，太棒了。

Third, our growth was more balanced in the first two quarters of 2024. In 2023, in contrast, ACV growth in Q1 was much stronger, while ACV growth in Q2 was far more subdued. So what you're seeing now is one of the reasons we love SaaS. Pega Cloud ACV is up 19%, Pega Cloud RPO grew 18%, and Pega Cloud revenue was up 19% for the first half of 2024.

第三，我們在 2024 年前兩個季度的成長更加平衡。所以您現在看到的就是我們喜愛 SaaS 的原因之一。 2024 年上半年，Pega Cloud ACV 成長 19%，Pega Cloud RPO 成長 18%，Pega Cloud 營收成長 19%。

Free cash flow is another important metric to measure the success of our business and our execution. Free cash flow totaled $218 million in the first half of 2024, a record for the first half of the year for us. The 119% year-over-year increase in first half cash flow was driven by two factors. First, our continued improvement in sales execution was really resulting in a strong net ACV out of $146 million year over year in constant currency. ACV is a proxy for subscription billings; so greater ACV means greater recurring billings.

自由現金流是衡量我們業務和執行是否成功的另一個重要指標。 2024 年上半年自由現金流總計 2.18 億美元，創下我們上半年的紀錄。上半年現金流年增119%有兩個因素推動。首先，我們銷售執行力的持續改善確實帶來了強勁的淨 ACV（以固定匯率計算），比去年同期達到 1.46 億美元。 ACV 是訂閱帳單的代理人；因此，更大的 ACV 意味著更多的經常性帳單。

The second key driver was our continued focus on operational discipline. One of the biggest levers we have for free cash flow is gross margin expansion. And the biggest factor for gross margin expansion is our Pega Cloud business. Pega Cloud gross margin increased to 78% in Q2, a series of consecutive increases in gross margin for Pega Cloud. We're going to keep pushing to expand Pega Cloud gross margin with increased scale and automation.

第二個關鍵驅動因素是我們持續專注於營運紀律。我們實現自由現金流的最大槓桿之一是毛利率擴張。而毛利率擴張的最大因素是我們的Pega Cloud業務。第二季Pega Cloud 毛利率增加至78%，實現Pega Cloud 毛利率的持續成長。我們將繼續努力透過擴大規模和自動化來擴大 Pega Cloud 的毛利率。

If I go back a few years, you might remember that we were targeting 70% gross margin for Pega Cloud, and then 75%, and now 80%. And we believe as this business continues to scale, there's significant ability to get that, our gross margin, increasingly higher while still delivering amazing service to our clients.

如果我回到幾年前，您可能還記得我們的 Pega Cloud 毛利率目標是 70%，然後是 75%，現在是 80%。我們相信，隨著這項業務的不斷擴大，我們有能力不斷提高毛利率，同時仍為我們的客戶提供優質的服務。

Our sales and marketing expenses in the first half of 2024 decreased by $26 million year over year. Our view is that reducing expenses and, therefore, increasing cash flows provide us the capacity to make strategic investments in innovation that help our clients drive digital transformation. Our free cash flow momentum provides numerous options for executing our capital allocation strategy that will also lead to increased shareholder value.

2024年上半年我們的銷售和行銷費用年減2,600萬美元。我們的觀點是，減少開支並因此增加現金流使我們有能力對創新進行策略性投資，幫助我們的客戶推動數位轉型。我們的自由現金流動力為執行我們的資本配置策略提供了多種選擇，這也將導致股東價值的增加。

The combination of our solid ACV growth and robust cash flow margin demonstrates that our team has adopted the Rule of 40 mindset. We define Rule of 40 as our ACV growth rate plus our free cash flow margins adjusted for things that are not representative to core business operations. We're committed to being a balanced growth and profit company. While we always will strive for faster growth, we're going to do it in a smart way.

我們穩健的 ACV 成長和強勁的現金流利潤率相結合表明我們的團隊已經採用了 40 法則的思維方式。我們將 40 規則定義為我們的 ACV 成長率加上針對不代表核心業務營運的因素進行調整的自由現金流利潤率。我們致力於成為一家平衡成長和利潤的公司。雖然我們始終會努力實現更快的成長，但我們將以明智的方式做到這一點。

Many of you have said it's helpful when I share some thoughts on modeling, so I'll continue to do that. In the first half of 2024, subscription license revenue was stronger than many of you might have expected. Although subscription license is recurring, we believe Pega Cloud is the best place for our clients, and it's great to see more workloads transition to Pega Cloud.

很多人都說我分享一些關於建模的想法很有幫助，所以我會繼續這樣做。 2024 年上半年，訂閱授權收入強於許多人的預期。儘管訂閱授權是重複性的，但我們相信 Pega Cloud 是我們客戶的最佳選擇，並且很高興看到更多工作負載轉移到 Pega Cloud。

Given our Pega Cloud momentum, we believe subscription license revenue will decline year over year in 2024. We have a very low number of subscription license renewals planned for Q3 and expect the majority of any remaining renewals in 2024 to shift towards the back end of the year in Q4. Keep these dynamics in mind when you're modeling our subscription license revenue for the second half of 2024 with a particular focus on Q3.

鑑於我們的Pega Cloud 勢頭，我們認為2024 年訂閱授權收入將年減。端。當您對 2024 年下半年的訂閱授權收入（特別是第三季）進行建模時，請記住這些動態。

I also want to point out that Pega GenAI is making implementations easier to deliver, and our partners continue to play a critical role for our clients. As a result, consulting revenue is growing at a more moderate pace than total revenue. We expect that trend to continue through the second half of 2024.

我還想指出，Pega GenAI 正在使實施變得更容易交付，並且我們的合作夥伴繼續為我們的客戶發揮關鍵作用。因此，諮詢收入的成長速度比總收入的成長速度要慢。我們預計這一趨勢將持續到 2024 年下半年。

Closing out my thoughts on modeling, I'll wrap up with a few comments regarding free cash flow. Once a contract is signed, we typically bill one year in advance or, in some cases, one quarter in advance. ACV ties directly to billings, so the seasonality of our free cash flow often follows the seasonality of our contract renewal cycle, which is typically stronger in the first quarter and the last quarter of a year. As a result of these dynamics, we believe it's more instructive to look at our free cash flow on a trailing 12-month basis. Over the last four quarters, our free cash flow was just over $300 million.

結束我對建模的想法後，我將提出一些關於自由現金流的評論。合約簽訂後，我們通常會提前一年或在某些情況下提前一個季度計費。 ACV 與帳單直接相關，因此我們的自由現金流的季節性通常遵循合約續約週期的季節性，通常在一年的第一季和最後一個季度更強。由於這些動態，我們認為查看過去 12 個月的自由現金流更具啟發性。過去四個季度，我們的自由現金流略高於 3 億美元。

In conclusion, we've been working hard to rev up our ACV growth and drive free cash flow. Our first-half results show that the changes we made to our go-to-market strategy in 2023, increasing seller focus and productivity, and also coupled with our latest AI innovations, are working. Therefore, we can selectively and strategically grow from here and expand quota-bearing resources in a smart way using a disciplined approach and also evaluating the impact of new logos on our growth strategy.

總之，我們一直在努力加快 ACV 成長並推動自由現金流。我們上半年的結果表明，我們對 2023 年進入市場策略所做的改變、提高賣家關注度和生產力，以及我們最新的人工智慧創新，正在發揮作用。因此，我們可以選擇性地、策略性地從這裡開始成長，並使用嚴格的方法以明智的方式擴大配額資源，並評估新標誌對我們成長策略的影響。

It was great to see so many of you in person during our investor session in June in Las Vegas. We're also looking forward to seeing you on the road in August and September.

很高興在 6 月在拉斯維加斯舉行的投資者會議上親眼見到你們這麼多人。我們也期待在八月和九月的路上見到您。

And with that, operator, please open the line for questions.

那麼，接線員，請開通提問線路。

(Operator Instructions) Steve Enders, Citi.

（操作員指示）Steve Enders，花旗銀行。

Okay, great. Thanks for taking the question this morning. I guess maybe just to start, I mean, pretty impressive new ACV ads in the quarter here.

好的，太好了。感謝您今天早上提出問題。我想也許只是開始，我的意思是，本季新的 ACV 廣告令人印象深刻。

Can you just maybe talk a little bit through about what's helping drive the performance in 2Q specifically? And I think looking back, it looks like one of the better 2Qs from an ACV ad perspective in quite some time. So can you just give a little bit of clarity around maybe what's going on in the deal environment and if there's any pull-forwards or kind of like what drove the strength in the ACV ads here?

您能否具體談談是什麼幫助推動了第二季的業績？我認為回顧過去，從 ACV 廣告的角度來看，它看起來是相當長一段時間以來最好的 2Q 之一。那麼，您能否稍微澄清一下交易環境中可能發生的情況，以及是否有任何前移或類似於推動 ACV 廣告實力的因素？

So I'll start, and then Alan, feel free to jump in. I think that one of the big changes, Steve, that we made in 2023 that is really paying off is, because of the focus on dense coverage of target orgs and really the approach of selling Pega Cloud, we're not as dependent on very large kind of episodic deals to actually -- for our sales team to make numbers. That's not to say that they don't happen and they won't happen. But our sales team is in a motion of much more of continual prospecting, selling, pipeline development advancement, and we really embrace that because it helps to put less dependency on back end of the year and larger deals.

所以我先開始，然後艾倫請隨意加入。的方法中，我們實際上並不依賴非常大的間歇性交易，讓我們的銷售團隊能夠實現數字。這並不是說它們不會發生也不會發生。但我們的銷售團隊正在採取更多的持續勘探、銷售、管道開發進展的行動，我們真的很歡迎這一點，因為它有助於減少對年底和更大交易的依賴。

That's not to say that we will be a completely linear business. It just helps to keep that focus quarter in and quarter out to produce and get numbers on the board. And I think that's kind of well ingrained in our culture right now, and I think you're seeing that in the first couple of quarters. So that's just from an operational execution.

這並不是說我們將成為一家完全線性的企業。它只是有助於將注意力集中在季度和季度，以產生並獲得董事會上的數字。我認為這在我們的文化中根深蒂固，我想你在前幾個季度就能看到這一點。這只是來自營運執行。

I'll also let Alan touch on just GenAI and Blueprint and how that's really reinvigorated the discussions.

我還將讓 Alan 談談 GenAI 和 Blueprint，以及它們如何真正重新激發討論。

Yeah. I think if you go back close to a year ago, we made some organizational changes to bring together what we used to call the catalyst group, which was a distinct group back then, with our solution consultants, the people who actually do the demos and touch the sort of systems our customers use to figure out if they really want to buy something, with our professional services people who actually would do work on the delivery, and with our partner teams because our partners were obviously absolutely critical to delivery.

是的。我想如果你回到大約一年前，我們做了一些組織上的改變，將我們過去所說的催化劑小組聚集在一起，當時這是一個獨特的小組，與我們的解決方案顧問、實際進行演示的人員以及接觸我們的客戶用來確定他們是否真的想買東西的系統，我們的專業服務人員實際上會負責交付工作，並與我們的合作夥伴團隊合作，因為我們的合作夥伴顯然對交付絕對至關重要。

When we saw what was going to happen with GenAI last July, and what's happening, we said we're going to bring these teams together and really use generative AI as a way to rethink how we engage with the customers and, as a result of that, I think, make their ability to see what an application might look like and understand what will take the deliberate application much, much clearer to them. And I think this is still in process, but I think it's working really well.

當我們看到去年 7 月 GenAI 將會發生什麼以及正在發生的事情時，我們說我們將把這些團隊聚集在一起，真正使用生成式人工智慧來重新思考我們如何與客戶互動，並且，由於我認為，這使他們能夠看到應用程式可能會是什麼樣子，並了解什麼會讓他們對有意的應用程式更加清晰。我認為這仍在進行中，但我認為效果非常好。

And I believe that the energy that we're seeing from our clients really has a lot to do with having connected that chain together, but also to do something into that chain which, previously, we really didn't use to do all that much, which is to actually have our account executives, frontline people who are in the field, actually be able to participate in the demoing and the seeing and the real invigorating of the clients with a hands-on level of involvement, all based around how GenAI empowers people to think differently.

我相信，我們從客戶那裡看到的能量確實與將該鏈條連接在一起有很大關係，而且還與在該鏈條中做一些事情有關，而以前我們確實沒有做過那麼多事情，就是讓我們的客戶經理、現場的第一線人員能夠實際參與演示和觀看，並以親身參與的方式真正激勵客戶，所有這些都基於GenAI 如何使人們能夠以不同的方式思考。

So we need more than one quarter or two quarters here to make us feel that we've got this all nailed. But the early signs of what I see, as evidenced by the enthusiasm and the results from Q2, are actually pretty exciting.

因此，我們需要超過四分之一或兩個季度的時間才能讓我們覺得我們已經解決了這一切。但我所看到的早期跡象，如熱情和第二季的結果所證明的那樣，實際上非常令人興奮。

Okay. That's great to hear, and helpful context there. I guess, maybe asked a little bit more pointedly, I think at the Analyst Day on the GenAI front, you've maybe expected some contribution coming in in Q3 from Blueprint. Are you kind of feeling the same way from that? Are you seeing the pipeline -- are you seeing those conversations built in the pipeline? And how are you kind of feeling about that pipeline converting over to deals at this point?

好的。很高興聽到這個消息，並且那裡的背景很有幫助。我想，也許問得更尖銳一點，我認為在 GenAI 前沿的分析師日上，您可能會期望 Blueprint 在第三季做出一些貢獻。你是否也有同樣的感覺？您是否看到了管道——您是否看到了管道中構建的那些對話？您對目前該管道轉變為交易有何感受？

Well, I think one of the things that's different about Pega's approach is, and if you look -- if you go back and listen to my 20-minute keynote at PegaWorld, we talk about the three forms of AI. Statistical AI, machine learning, we've done that for 15 years, really, really critical to next best action, making recommendations, doing process improvement. The second form being these productivity tools, of which we've got several dozen, that do the nice stuff like summarization and other sorts of bits that can be important.

嗯，我認為 Pega 方法的不同之處之一是，如果你回頭聽我在 PegaWorld 上 20 分鐘的主題演講，我們會討論人工智慧的三種形式。統計人工智慧、機器學習，我們已經這樣做了 15 年，對於下一步最佳行動、提出建議、進行流程改進確實非常重要。第二種形式是這些生產力工具，我們有幾十個，它們可以做一些很好的事情，例如摘要和其他可能很重要的事情。

But the third type of AI we spoke about was AI that was transformational, which is using generative AI to profoundly change how the organization did its very processes. And we had an enormous opportunity to do that because we're model driven. We don't go from the GenAI input from customers to code which, candidly, more code is just more mess.

但我們談到的第三種人工智慧是變革性人工智慧，它使用生成式人工智慧來深刻改變組織的流程方式。我們有一個巨大的機會來做到這一點，因為我們是模型驅動的。我們不會根據客戶的 GenAI 輸入來編寫程式碼，坦白說，程式碼越多只會越混亂。

We go into the model, the same model that we've been perfecting for decades. And that means that we've got GenAI plugged in in a way that is not just faster, but is also transparent to the customers -- they can see what's happening -- and also changeable.

我們進入這個模型，這個模型是我們幾十年來一直在改進的。這意味著我們插入 GenAI 的方式不僅速度更快，而且對客戶來說也是透明的——他們可以看到正在發生的事情——而且是可變的。

So I think that this energy from GenAI represents a fundamental change to all aspects of our business. We've really woven it in everywhere, which is why we don't sit around talking about GenAI SKUs. I would say that there's not a single sale anymore or a single pursuit that does not have GenAI at the heart of it, because that's now the way you use our products.

因此，我認為 GenAI 的這種能量代表了我們業務各個方面的根本性變化。我們確實將它融入了各個地方，這就是為什麼我們不會坐下來談論 GenAI SKU。我想說，現在沒有任何一項銷售或任何一項追求不以 GenAI 為核心，因為這就是您現在使用我們產品的方式。

(Operator Instructions) Kevin Kumar, Goldman Sachs.

（操作員指令）Kevin Kumar，高盛。

Hi. Thanks for taking my question. Alan, you had mentioned the federal segment. So maybe if you can give an update there, kind of the trends you're seeing with the federal business. How is growth trending there relative to kind of the broader Pega growth? And maybe if you can touch on kind of the strategy there, is it similar to the broader Pega strategy of going deeper into the existing accounts? Any color there would be helpful.

你好。感謝您提出我的問題。艾倫，你提到了聯邦部分。因此，也許您可以提供最新情況，例如您在聯邦業務中看到的趨勢。相對於更廣泛的 Pega 成長，那裡的成長趨勢如何？也許您可以談談那裡的某種策略，它是否類似於更廣泛的 Pega 策略，即深入現有帳戶？任何顏色都會有幫助。

Yeah. I think that one thing you need to realize, when we go deeper into an existing account, that actually involves things that are as much new pursuits and new accounts as anything else. I mean, the Department of Commerce is an existing account; Department of Justice, the U.S. Army, those are existing accounts; the IRS.

是的。我認為你需要意識到一件事，當我們深入研究現有帳戶時，它實際上涉及與其他任何事情一樣多的新追求和新帳戶。我的意思是，商務部是一個現有帳戶；司法部、美國陸軍，這些都是現有的帳目；美國國稅局。

The ability to do massive new things for them is huge. I mean, we're only doing a tiny fraction of what that potential landscape is. So we definitely have a target org strategy. I think that's something that helps our business be more reliable as a business, but also frankly helps us do a better job for our clients, which is key. So we've definitely taken a target strategy there.

為他們做大量新事情的能力是巨大的。我的意思是，我們只做了潛在景觀的一小部分。所以我們肯定有一個目標組織策略。我認為這有助於我們的企業變得更加可靠，坦白說，這也有助於我們為客戶做得更好，這是關鍵。所以我們肯定在那裡採取了目標策略。

And I'm thrilled with what I'm seeing. I'm thrilled with big organizations themselves experiencing success and looking for ways to get broader. By the way, not just in the US, but we've had massive work recently with Her Majesty's Revenue and Customs doing work well across the globe in governments. And I think it's going to continue to be really important for us.

我對所看到的感到非常興奮。我對大型組織本身取得成功並尋找擴大規模的方法感到興奮。順便說一句，不僅在美國，我們最近與英國稅務海關總署進行了大量工作，在全球各國政府中都表現出色。我認為這對我們來說仍然非常重要。

So Kevin, just to add one thought, so an interesting dynamic that may be kind of similar to what happened a few years ago is that the government went from being a little bit more skeptical of SaaS and cloud, say, 10 or 15 years ago to really embracing it in the last, say, five years or so, maybe a little longer. So they're really -- and I think you're seeing that same trend around GenAI.

Kevin，我想補充一點，一個有趣的動態可能與幾年前發生的情況類似，即政府從 10 或 15 年前對 SaaS 和雲持懷疑態度在過去，比如說，五年左右，也許更長一點的時間裡，真正擁抱它。所以他們真的——我認為你在 GenAI 周圍看到了同樣的趨勢。

The government -- companies are always skeptical of kind of like the risks of something like GenAI because they want to understand how to control it, how the risk changes to their business that they might not have anticipated. But I do think you're going to see the public sector, the US government, and other governments really leverage GenAI. So we're focused on the impact of GenAI into our government solutions as well, because we think it's going to be relevant there, too, including Blueprint.

政府—公司總是對 GenAI 這樣的風險持懷疑態度，因為他們想了解如何控制它，以及他們可能沒有預料到的風險如何改變他們的業務。但我確實認為你會看到公共部門、美國政府和其他政府真正利用 GenAI。因此，我們也關注 GenAI 對我們政府解決方案的影響，因為我們認為它也與那裡相關，包括 Blueprint。

Yeah. That's great color. Thank you. And then Ken, you had talked about term license maybe being a bit stronger this quarter, but it doesn't sound like your full-year expectations change. So was that just really kind of pull forward, maybe you see a weaker 3Q and you see that typically strong 4Q. Anything else you can add there? Or any changes in customer buying patterns?

是的。那顏色真棒。謝謝。然後肯，您曾談到本季的定期許可可能會更強一點，但聽起來您的全年預期並沒有改變。那麼，這真的是一種向前拉動嗎？您還可以在那裡添加什麼嗎？或是客戶的購買模式有變化嗎？

Yeah, that's a great question. And you actually caught that in my script. So I was consciously trying to give you guys some insights on that. We actually think, if anything, our term license will be lower for the year as opposed to higher. There's -- more and more clients are moving to Pega Cloud.

是的，這是一個很好的問題。你實際上在我的劇本中發現了這一點。所以我有意識地嘗試向你們提供一些對此的見解。事實上，我們認為，如果有的話，我們今年的定期許可證將會更低，而不是更高。越來越多的客戶正在轉向 Pega Cloud。

What happened in Q2 was just timing of renewals. So what you should anticipate, Kevin, is exactly what you said. Q3 will be pretty weak in terms of renewals. On the revenue side, because it's just -- you know how that is. It's just our business isn't linear on the timing of renewals. Q4 will still have term renewals in it, but Q3, not many. And we still think that term revenue is likely to be down low double digits for the year because more of it's moving to Pega Cloud.

第二季發生的事情只是更新的時機。所以，凱文，你應該預料到的正是你所說的。第三季的續訂量將相當疲軟。在收入方面，因為它只是——你知道那是怎麼回事。只是我們的業務在續約時間上並不是線性的。第四季仍然會有續約，但第三季不會有很多。我們仍然認為今年的定期收入可能會下降兩位數，因為其中更多的收入正在轉移到 Pega Cloud。

Jake Roberge, William Blair.

傑克‧羅伯格，威廉‧布萊爾。

-- it was great to hear the traction that you're seeing with those GenAI Blueprints. I'm curious when you think these Blueprints actually go live into production. Are you seeing -- starting to see some customers take the Blueprints into live runtime today? Or is that still a few quarters away to actually really impact that ACV growth?

-- 很高興聽到您看到 GenAI 藍圖的吸引力。我很好奇你認為這些藍圖其實會投入生產。您是否看到 - 今天開始看到一些客戶將藍圖帶入即時運行時？或者說還需要幾個季度才能真正影響 ACV 的成長？

So it's interesting, Jake. We actually just met yesterday with one of our key partners who has actually closed two engagements where they were driven from Blueprint. So they've actually done Blueprint and they've turned into engagements for them. Now, it doesn't necessarily mean they're license orders for us, but that's okay. Those are the engagements that lead to license orders.

所以這很有趣，傑克。事實上，我們昨天才剛與我們的一位主要合作夥伴會面，他實際上已經完成了兩個由藍圖驅動的專案。所以他們實際上已經完成了藍圖，並且已經變成了他們的約定。現在，這並不一定意味著它們是我們的許可訂單，但這沒關係。這些是導致許可訂單的約定。

So we see our partners really on the front end of this, which is really amazing, because typically, companies like Pega, we typically move fast and we have to help enable our partners to keep up. Our partners are actually kind of out in front on this in a lot of cases and really leveraging Blueprint to be able to deliver solutions to our joint -- our mutual clients. So we're already seeing that, and I think that momentum is going to pick up.

因此，我們看到我們的合作夥伴確實處於這方面的前沿，這真的很令人驚奇，因為通常，像 Pega 這樣的公司，我們通常行動迅速，我們必須幫助我們的合作夥伴跟上。在許多情況下，我們的合作夥伴實際上在這方面處於領先地位，並真正利用 Blueprint 為我們共同的客戶提供解決方案。所以我們已經看到了這一點，而且我認為這種勢頭將會增強。

Yeah. And I've seen it also with some direct clients who have used Blueprints to accelerate products -- applications that they've brought live. When Ken talks about these always don't lead to an immediate license sale, we've been moving, for a number of years, our customers to more of a kind of consumption model based on levels of consumption, so that it's easier for them, or candidly years ago, I think we made it really hard for our customers to get started on a new application. Now, we want a customer to be able to find it easy to start on a new application, to not have to sign a piece of paper with us to be able to do that in most cases.

是的。我也看到一些直接客戶使用藍圖來加速產品——他們已經上線的應用程式。當肯談論這些時，總是不會立即導致許可證銷售，多年來，我們一直在讓我們的客戶轉向更多基於消費水平的消費模式，這樣對他們來說更容易或坦白地說，幾年前，我認為我們讓客戶很難開始使用新應用程式。現在，我們希望客戶能夠輕鬆地開始新的應用程序，而在大多數情況下無需與我們簽署紙本文件即可完成此操作。

The side effect of that is we've got a real interest in them getting benefit in them using our system. So we're thrilled with increases to this consumption, whether it leads to an immediate license or to the next time in their agreement, where we take a look at what they're doing and true it up. Both of those are fine outcomes from our point of view here. Hence, I think that the level of enthusiasm that we have that's touching the entirety of the Pega product suite, both where we've got Blueprint implemented and where we've talked about putting Blueprint in in the third and fourth quarter, is generating a level of excitement and understanding about how AI can really help their businesses that's unlike anything I've seen before.

這樣做的副作用是，我們真正感興趣的是他們使用我們的系統從中受益。因此，我們對這種消費的增加感到興奮，無論它會導致立即獲得許可，還是在他們的下一次協議中，我們會看看他們正在做什麼並進行糾正。從我們的角度來看，這兩個都是很好的結果。因此，我認為我們對整個 Pega 產品套件的熱情程度，無論是在我們實施了藍圖的地方，還是我們在第三季度和第四季度討論加入藍圖的地方，都正在產生一種我對人工智能如何真正幫助他們的業務感到興奮和理解，這是我以前從未見過的。

Yeah, that's great to hear. And then also good to see Pega Cloud representing 81% of net new ACV growth. How are you seeing GenAI impact the cloud migration timeline for your customers? Are you seeing any of those customers accelerate the journey into Pega Cloud? And then Ken, how should we kind of think about that mix heading into the back half of the year just in terms of Pega net new ACV growth? Thanks.

是的，很高興聽到這個消息。很高興看到 Pega Cloud 佔新 ACV 淨成長的 81%。您如何看待 GenAI 對客戶的雲端遷移時程的影響？您是否看到這些客戶中的任何一個加速了 Pega Cloud 之旅？然後 Ken，我們應該如何從 Pega 新 ACV 淨增長的角度來考慮進入今年下半年的這種組合？謝謝。

Sure. So you're going to see, Jake, clients were already on a pace of migrating to Pega Cloud. And we have been, I would even say, more patient with that move and not really pushing anyone.

當然。所以你會看到，Jake，客戶已經開始遷移到 Pega Cloud。我甚至可以說，我們對這一舉措更加耐心，並沒有真正推動任何人。

And I think there's just a lot more incentive for clients now with GenAI. They want to move to cloud anyway. This is part of their digital transformation plan. So I think GenAI just gives them another reason and a very important reason to actually make that transition. So I think you'll see the pace of our clients migrating to Pega Cloud accelerate as we go into 2025.

我認為現在 GenAI 對客戶來說有更多的激勵。無論如何，他們都想遷移到雲端。這是他們數位轉型計劃的一部分。所以我認為 GenAI 只是給了他們另一個理由，而且是真正實現這一轉變的一個非常重要的理由。因此，我認為隨著 2025 年的到來，您會看到我們的客戶遷移到 Pega Cloud 的步伐加快。

Pinjalim Bora, JPMorgan.

平賈林·博拉，摩根大通。

Hey. Thank you so much, and congrats on the quarter. Alan, what are you hearing from customers around kind of that last-mile implementation of Blueprint? It's clear that to create Blueprints, it's pretty easy and people are probably getting a lot of value from creating those Blueprints. But I'm thinking about actual go-live from creation of Blueprints to the actual go-lives. What are -- are there any hurdles people are facing? Is that actually easy? What is the feedback from customers at this point?

嘿。非常感謝，並祝賀本季。艾倫，您從客戶那裡聽到了有關藍圖最後一英里實施的什麼信息？很明顯，創建藍圖非常簡單，人們可能會從創建這些藍圖中獲得很多價值。但我正在考慮從創建藍圖到實際上線的實際上線。人們面臨什麼障礙？這實際上很容易嗎？目前客戶的回饋如何？

Well, the feedback continues to be very exciting. What we're seeing customers tell us is this has fundamentally changed the way they do design thinking about new applications. They're able to take our best practices, their input, things we're able to glean from the internet, bring them together and use that to challenge the conventional way that they would have thought about doing a business process or build a system.

嗯，反饋仍然非常令人興奮。我們看到客戶告訴我們，這從根本上改變了他們對新應用程式的設計思維。他們能夠採用我們的最佳實踐、他們的意見以及我們能夠從互聯網上收集的信息，將它們聚集在一起並利用它們來挑戰他們考慮進行業務流程或構建系統的傳統方式。

And it's really, as you will have seen, and everybody is welcome to use it on pega.com, it's very innovative. I mean, even if it never made it into the application, the fact that this changes the way you think about a business process and does it literally in hours, as opposed to weeks, is all by itself a huge advantage. And I do know of some customers who are playing with this for systems that may never actually become a Pega system which, by the way, I think is just fine.

正如您所看到的，它確實非常具有創新性，歡迎每個人在 pega.com 上使用它。我的意思是，即使它從未進入應用程序，但事實上，這改變了您對業務流程的思考方式，並且實際上在數小時內完成，而不是數週，這本身就是一個巨大的優勢。我確實知道有些客戶正在使用這個系統，但這些系統可能永遠不會真正成為 Pega 系統，順便說一句，我認為這很好。

Now, having said that, the ability that we introduced at PegaWorld, so realize how incredibly new this is, to be able to import this into an actual new or existing Pega system, have it blend with their existing rules and processes, that's gotten a tremendous amount of excitement. Unsurprisingly, it's led to a lot of enhancement requests from clients, and we are pounding those in, which we're able to do because Blueprint is a SaaS system. So we're able to do this weekly and biweekly release cycle, which is adding value.

現在，話雖如此，我們在PegaWorld 引入的能力，所以意識到這是多麼令人難以置信的新功能，能夠將其導入到實際的新的或現有的Pega 系統中，讓它與他們現有的規則和流程相融合，這已經得到了巨大的興奮。毫不奇怪，它引發了客戶的大量增強請求，我們正在努力滿足這些請求，我們之所以能夠做到這一點，是因為 Blueprint 是一個 SaaS 系統。因此，我們能夠進行每周和每兩週一次的發布週期，這增加了價值。

So the feedback we're getting from the clients is they love what they're seeing. They want some more stuff, which is always a good thing -- it tells us that customers are really interested -- and we're providing it. So I would say, unlike many things I've seen in my life and technology rollout, this is all good.

所以我們從客戶那裡得到的回饋是他們喜歡他們所看到的。他們想要更多的東西，這總是一件好事——它告訴我們客戶真的很感興趣——而我們正在提供它。所以我想說，與我在生活和科技推廣中看到的許多事情不同，這一切都很好。

Understood. Thank you. Very helpful. One question for you, Ken. Just in the previous answer before me, I think you said the pace of migration to cloud should continue to accelerate. In that context, how should we think about kind of the maintenance line going forward? And kind of the dollar of maintenance converting to cloud, that multiple that you typically get, how should we kind of think about that as we think about the next couple of years?

明白了。謝謝。很有幫助。有個問題想問你，肯。就在我之前的回答中，我認為您說過遷移到雲端的步伐應該繼續加快。在這種情況下，我們應該如何考慮未來的維護線？維護成本轉換為雲，通常會得到這種倍數，當我們考慮未來幾年時，我們應該如何考慮這一點？

Yeah. So it is a tough one even for us, because not every situation is exactly the same. But if you think about $700 million of term -- of non Pega Cloud ACV, if you just think about that number, and if all of it converted, you should see somewhere between a 25% and a 50% expansion off of that number.

是的。因此，即使對我們來說，這也是一個艱難的過程，因為並非每種情況都完全相同。但是，如果您考慮非 Pega Cloud ACV 的 7 億美元期限，如果您只考慮這個數字，並且如果全部轉換，您應該會看到該數字增長 25% 到 50%。

Now, in some cases, the number will be 2:1 or more, and in some cases, it will be more modest. It really kind of depends on the actual situation with each client, so we do have to -- now, there will be some markup for all clients, because naturally, there's a managed service that we're providing in infrastructure, et cetera. But I think just using a rule of thumb, I'd say 25% to 50% across that. So you're talking about a few hundred million dollars of incremental opportunity.

現在，在某些情況下，這個數字將是2:1或更多，而在某些情況下，這個數字會更適中。這實際上取決於每個客戶的實際情況，所以我們必須——現在，所有客戶都會有一些標記，因為自然地，我們在基礎設施等方面提供託管服務。但我認為僅根據經驗法則，我會說 25% 到 50%。所以你說的是幾億美元的增量機會。

Next question?

下一個問題？

(Operator Instructions)

（操作員說明）

Yeah. Sorry, I did not hear my name getting called. Thanks, Alan, and thanks, Ken, for taking my question. Maybe two, starting with Blueprint, really exciting to see the momentum here. Can you talk a little bit about some of the more common applications and workflows that you're seeing going into production? And maybe if we think about some of those use cases over time, maybe over the next one, two, three years, how do you see that evolving?

是的。抱歉，我沒有聽到有人叫我的名字。謝謝艾倫，謝謝肯提出我的問題。也許有兩個，從藍圖開始，看到這裡的勢頭真的很令人興奮。您能談談您看到的一些更常見的應用程式和工作流程嗎？也許如果我們隨著時間的推移，也許在接下來的一年、兩年、三年內考慮其中一些用例，您如何看待這種演變？

So a lot of the uses, as you would expect, have to do with customer service and aspects of it like the onboarding or the dealing with addition of a new product and how you make those choices and how you get the right approvals and implement that. Those are very common types of workflows.

因此，正如您所期望的那樣，許多用途都與客戶服務及其各個方面有關，例如入職或處理新產品的添加，以及您如何做出這些選擇以及如何獲得正確的批准並實施這些選擇。這些是非常常見的工作流程類型。

But we're seeing the lots of workflow uses that fall into what you'd call the master data management space. That's kind of how do you sit in front of an SAP system or some old, big system that is maintaining the records of your business and make sure that your products are defined correctly or parts of your business are defined directly, really putting those types of workflows in front, which leverage our ability to work so well with some of these big, old backend systems, but give them a state-of-the-art workflow that brings AI to how they want to operate. So it's incredibly broad is the way I would describe it.

但我們看到許多工作流程的使用都屬於所謂的主資料管理空間。這就是您如何坐在 SAP 系統或某個維護業務記錄的舊大型系統前面，並確保正確定義您的產品或直接定義部分業務，真正將這些類型前面的工作流程，利用了我們與一些大型舊後端系統良好協作的能力，但為他們提供了最先進的工作流程，將人工智慧帶入他們想要的操作方式。所以我描述它的方式非常廣泛。

Great. That's really helpful. And then if we just think about kind of the increasing mix towards consumption, and then Blueprint's probably going to accelerate that, how should we be thinking about just kind of the overall revenue mix of kind of more traditional subscription versus its consumption component over time? Or is that just not the right term to use? Thanks.

偉大的。這真的很有幫助。然後，如果我們只考慮消費的成長組合，然後 Blueprint 可能會加速這種成長，那麼隨著時間的推移，我們應該如何考慮更傳統的訂閱與其消費部分的整體收入組合？或者這只是不正確的術語？謝謝。

So I don't -- I understand your question completely, which is fixed versus variable revenue, Rishi. And I don't know that that's necessarily the right way to think about it. Because what Alan said was the way that this works is think about it as a commit with flexibility. Clients are committing to a certain amount of usage because that gets them better economics on pricing, they have the ability to flex up. As they flex up, they typically commit to higher levels, that gets them, once again, better economics as they scale as you get volume discounts.

所以我不——我完全理解你的問題，這是固定收入還是可變收入，Rishi。我不知道這一定是正確的思考方式。因為艾倫所說的工作方式是將其視為具有靈活性的提交。客戶承諾一定的使用量，因為這可以讓他們在定價上獲得更好的經濟效益，他們有能力靈活調整。當他們靈活時，他們通常會致力於更高的水平，這使他們在獲得批量折扣時再次獲得更好的經濟效益。

And it's very similar to Amazon or Google, where they actually have pricing discounts, but then there's better discounts you can get by making annual commitments. So it's a very similar model for that. There's still going to be a commitment level, but there's going to be this ability to allow clients to almost grow organically within their arrangements, as opposed to having to go through a contracting and paperwork process every single time they want to get a new application, a new workflow, a new case type started. So I don't think -- we're not bifurcating those numbers because we view it as all part of a continuum of how we grow with our clients.

它與亞馬遜或谷歌非常相似，他們實際上有價格折扣，但透過年度承諾你可以獲得更好的折扣。所以這是一個非常相似的模型。仍然會有一個承諾水平，但會有這種能力讓客戶在他們的安排內幾乎有機地成長，而不是每次他們想要獲得新的申請時都必須經歷合約和文書工作流程，新的工作流程，新的案例類型開始了。所以我不認為——我們不會將這些數字分開，因為我們將其視為我們與客戶共同成長的連續體的一部分。

Patrick Walravens, Citizens JMP.

Patrick Walravens，公民 JMP。

Hey there. This is Austin Cole on for Pat Walravens. Ken, I think at the Analyst Day, you made a comment that the kind of long term getting to that $2 billion ACV in three to five years, that there's an upside case that's driven by Blueprint. Did you mean that that upside case with Blueprint is getting to that $2 billion and kind of closer to the three years rather than five?

嘿。我是奧斯汀·科爾（Austin Cole），代表帕特·瓦爾拉文斯（Pat Walravens）發言。肯，我想在分析師日，您發表了評論，從長遠來看，在三到五年內達到 20 億美元的 ACV，藍圖推動了一個上行案例。您的意思是說 Blueprint 的上行案例將達到 20 億美元，並且更接近三年而不是五年？

Yes. Naturally, we're going to do everything we can to get there as fast as possible. And we think Blueprint could help us get there faster, which is where that range came up, Austin.

是的。當然，我們將盡一切努力盡快實現這一目標。我們認為藍圖可以幫助我們更快到達那裡，這就是這個範圍出現的地方，奧斯汀。

Okay. And then just -- I know it's super, super early days, but following that event in the one month since that event, where it definitely was very centered on Blueprint, with the interest you're seeing, I mean, is there anything in these early days to suggest that we're not going to be close to that three years rather than five from a Blueprint standpoint?

好的。然後--我知道現在還處於非常非常早期的階段，但是在該事件發生後的一個月內，它絕對以藍圖為中心，隨著您所看到的興趣，我的意思是，有什麼從藍圖的角度來看，這些早期的日子表明我們不會接近三年而不是五年？

I would say, given where we are now, Blueprint's excitement, momentum, even the improvement of the advancement of some of the capabilities of Blueprint are really on pace with what we had hoped. Jumping to the -- it's three years versus five years is probably a little premature to start to predict when we think we can get there. But I would say we feel great about the opportunity.

我想說，考慮到我們現在的處境，Blueprint 的興奮、勢頭，甚至 Blueprint 的某些功能的進步確實符合我們所希望的步伐。跳到三年與五年的時間來開始預測我們何時能夠實現這一目標可能還為時過早。但我想說，我們對這個機會感覺很好。

Naturally, internally, we're pushing to get there as fast as possible. And three years would be our -- that's like -- that's our desired state. But once again, it's four months in from when we talked.

當然，在內部，我們正在努力盡快實現這一目標。三年就是我們想要的狀態。但再一次，距離我們談話已經過了四個月。

Raimo Lenschow, Barclays.

雷莫‧倫肖 (Raimo Lenshow)，巴克萊銀行。

Perfect. I have two quick questions. One, given the uncertainty that we had on the software spending side, with the off-cycle Q1 -- I don't know if you followed what we saw at Salesforce, Workday, et cetera -- what did you see this quarter kind of playing out? And did you change anything in terms of kind of penciling -- being a little bit more sharper on sales execution, et cetera, because you delivered a very, very strong quarter? So the questions that we all have is, are there certain pockets in software spending like yours that is, with GenAI, doing better than others? Or can you talk a little bit of what is slightly broader in terms of sales? And then I have a quick follow-on.

完美的。我有兩個簡單的問題。一，考慮到我們在軟體支出方面的不確定性，以及第一季的非週期——我不知道你是否遵循我們在 Salesforce、Workday 等公司看到的情況——你在本季度看到了什麼？玩出來了？您是否在鉛筆方面做出了任何改變——在銷售執行方面更加敏銳，等等，因為您交付了一個非常非常強勁的季度？因此，我們所有人都面臨的問題是，在軟體支出中是否有某些像您這樣的口袋，即 GenAI 比其他人做得更好？或者你能談談銷售方面稍微寬泛一點的事情嗎？然後我有一個快速的後續行動。

Yeah. This is an example of a quarter where there were really no what we used to call whales. We love whales, but it's okay being able to have a good quarter without any. That's -- we'll take lots of tuna is the way we think about it. So there weren't any whales. There weren't regional differences that were massive or driving the outcome.

是的。這是一個季度的例子，那裡實際上沒有我們過去所說的鯨魚。我們喜歡鯨魚，但即使沒有鯨魚，也能度過美好的季度。那就是——我們會捕撈大量金槍魚，這是我們的想法。所以沒有鯨魚。不存在巨大的地區差異或影響結果。

And I do think our sales execution has improved, as we've really moved to adopt the target org model and as that has now become part of the DNA of the company. And what we need to make sure is that as we grow, as we continue to go forward, that the organization continues to base its energy on the things we've learned about doing it in a more efficient manner and paying attention to the cost that envelop, as well as hitting the growth target. But no, it was a nice, broad-brushed outcome.

我確實認為我們的銷售執行力有所改善，因為我們確實已經開始採用目標組織模型，而這現在已成為公司 DNA 的一部分。我們需要確保的是，隨著我們的成長，隨著我們繼續前進，組織將繼續將其精力建立在我們學到的以更有效的方式開展工作並關注成本的基礎上。但不，這是一個很好的、粗略的結果。

So Raimo, let me add one little piece of information that I know. I know you're aware, just to remind you, we are not as dependent on licensing at the user level. And so I think a lot of software companies that license at the user level actually do have more risk with this whole automation, GenAI, trying to get efficiency.

Raimo，讓我補充一點我所知道的資訊。我知道您知道，只是提醒您，我們不那麼依賴用戶級的許可。因此，我認為許多在用戶層級進行授權的軟體公司實際上確實在 GenAI 整個自動化過程中面臨更大的風險，試圖提高效率。

And quite frankly, our entire solution is about automating end-to-end to drive efficiency and optimization and consistency. So we think that, not to say that we are insulated from good global economic trends, because we are absolutely subject to all of that, I do think our licensing model being more of a consumption value-based licensing model, where the amount of transactions that Pega does tie to the value ties to our business helps us. And also, the space in which we sit is very congruent with what we're trying to -- what the market is trying to do with AI, which is to drive efficiency and automation. So maybe that helps us a little, those two levers.

坦白說，我們的整個解決方案是關於端到端自動化，以提高效率、最佳化和一致性。因此，我們認為，並不是說我們不受良好的全球經濟趨勢的影響，因為我們絕對受到所有這些趨勢的影響，我確實認為我們的授權模式更多的是基於消費價值的授權模式，其中交易量Pega 與我們業務的價值連結確實對我們有幫助。而且，我們所處的空間與我們想要做的事情非常一致——市場試圖利用人工智慧來實現的目標，也就是提高效率和自動化。所以這兩個槓桿也許對我們有一點幫助。

Yeah. Our philosophy is the more work the system does, if the system is doing more work, then the customers should be willing to pay more. The folks who are doing this based on users, I think that's just an antiquated model. Our whole point is we're going to go to an autonomous enterprise that is more self-driving, and the number of users is going to massively reduced, doubled with self-service. So I'm really happy that we have the right thinking when it comes to a model.

是的。我們的理念是系統做的工作越多，如果系統做的工作越多，那麼客戶就應該願意支付更多的費用。我認為那些基於用戶來做這件事的人只是一個過時的模型。我們的重點是，我們將建立一個更自動駕駛的自主企業，用戶數量將大幅減少，並透過自助服務增加一倍。所以我真的很高興我們在模型方面有正確的想法。

Okay, perfect. Okay. Thank you. And then Ken, on the cash flow number, very strong for the first half, obviously, the Q1 was a strong one, Q2 is never the strong one because of the seasonality. If you think about the cash flow performance so far this year, is there any thinking from you that the trajectory is changing? Or are we still kind of good with what you kind of communicated before? Thank you, and congrats from me as well.

好的，完美。好的。謝謝。然後肯，就現金流數字而言，上半年非常強勁，顯然，第一季是強勁的，但由於季節性，第二季從來都不是強勁的。如果您考慮今年迄今為止的現金流表現，您是否認為軌跡正在改變？或者我們對您之前溝通的內容仍然滿意嗎？謝謝你，也恭喜我。

Thanks, Raimo. So first off, I think we'll try really hard to have positive cash flow in Q3. I think it will happen; but when you have lower billing quarters, it is harder to generate lots of cash.

謝謝，雷莫。因此，首先，我認為我們將非常努力地在第三季度實現正現金流。我認為這會發生；但是，當您的計費季度較低時，就很難產生大量現金。

Q4 is always a figure billings quarter. It doesn't always mean that cash flow is big, as some clients may pay you in Q1 or Q4. So I think that teetering of when you get collections continue to make Q1 and Q4 the biggest quarters.

第四季始終是一個數字比林斯季度。這並不總是意味著現金流量很大，因為有些客戶可能會在第一季或第四季向您付款。因此，我認為，當你獲得收藏時，搖搖欲墜的情況繼續使第一季和第四季成為最大的季度。

But for the year, we still see the year kind of shaping up as we thought it would be, but Q1 gave us a really good start. Q2, quite frankly, was better from a cash flow standpoint than we thought. I think Q3, we will try to keep our positive cash flow momentum, but it is hard when you don't have as much billings in a quarter.

但就今年而言，我們仍然看到這一年的情況與我們想像的一樣，但第一季給了我們一個非常好的開始。坦白說，從現金流的角度來看，第二季比我們想像的還要好。我認為第三季度，我們將努力保持正現金流勢頭，但當你在一個季度沒有那麼多賬單時，這很難。

Mark Schappel, Loop Capital Markets.

馬克‧沙佩爾 (Mark Schappel)，Loop 資本市場。

Hi. Thanks for taking my question, and nice job on the quarter. Ken, during the Investor Day, it was noted that the company was planning to target new logos that have the potential to be $1 billion ACV accounts. It was a little bit of a departure from the past. I was wondering if you could just provide some additional details on how you plan to go about this market -- go-to-market wise. So for instance, should we expect like a dedicated sales team to go after these new clients?

你好。感謝您提出我的問題，祝本季工作順利。 Ken，在投資者日期間，有人指出該公司計劃針對新徽標，這些徽標有可能為 ACV 帳戶帶來 10 億美元的收入。這與過去有點背離了。我想知道您是否可以提供一些關於您計劃如何進入這個市場的額外細節 - 進入市場的明智之舉。例如，我們是否應該期望像專門的銷售團隊一樣來吸引這些新客戶？

Sure. So let's go back a year or two ago. We wanted to transform our go-to-market team. We knew that by doing that and changing the way we sold to add a bunch of new logos was going to be terribly disruptive to the progress on that. So just a reminder of why we are where we are.

當然。那麼讓我們回到一兩年前。我們希望改變我們的市場推廣團隊。我們知道，透過這樣做並改變我們的銷售方式以添加一堆新徽標將對這方面的進展造成極大的破壞。所以只是提醒我們為什麼我們會處於現在的位置。

We really limited net new logos. It was a very small amount and very targeted. And when we go forward, we are going to be just as targeted in terms of the new logos, but we are feeling like it is time to add more focus on new logos. Those new logos will not be a new team.

我們確實限制了淨新徽標。這是一個非常小的金額，而且非常有針對性。當我們前進時，我們將在新徽標方面保持相同的目標，但我們覺得是時候更加關注新徽標了。這些新標誌不會是新團隊。

We have our teams already segmented, where some of our teams actually focus on more prospecting, more logos. We call that major accounts, which is an account that is very significant that typically looks just like one of our existing organizations that we feel like we can sell into. So it's going to be very target org model, and it will be focused in some of our teams right now globally that already have prospected for some new logos. But once again, they're going to be targeted.

我們的團隊已經進行了細分，其中一些團隊實際上專注於更多的勘探、更多的徽標。我們稱之為主要客戶，這是一個非常重要的客戶，通常看起來就像我們認為可以向其銷售的現有組織之一。因此，這將是一個非常有針對性的組織模型，它將專注於我們目前在全球範圍內已經在尋找一些新徽標的一些團隊。但他們將再次成為目標。

And what targeted means is that you don't give somebody some random territory and say, go hunt. You basically say, hey, Paula, hey, John, here are six orgs. This is where you're going to play. Get one of these, or maybe even here's one org that we want you to break into. So very target org driven so that we don't have this investment in general purpose marketing expense, which we found when we did it before, we just didn't get the returns from. We're very comfortable that on a hand-to-hand combat with org, we can work our way through this.

有針對性的意思是你不會給某人一些隨機的領土並說，去打獵。你基本上會說，嘿，保拉，嘿，約翰，這裡有六個組織。這就是你要玩的地方。獲得其中之一，或者甚至可能是我們希望您闖入的一個組織。非常目標組織驅動，因此我們沒有在通用行銷費用上進行投資，我們之前這樣做時發現，我們只是沒有從中獲得回報。我們很高興在與組織的肉搏戰中我們能夠解決這個問題。

And one last little piece of color there, Mark, organizations that we will target will probably look like the organizations that we already have and also may have former Pega buyers and influencers that have moved to those organizations, which actually helps as well. Meaning somebody that already used Pega at another organization and took a new role, that's kind of how we're thinking about that strategic targeting.

最後一點，馬克，我們將瞄準的組織可能看起來像我們已經擁有的組織，也可能有前 Pega 買家和影響者已經轉移到這些組織，這實際上也有幫助。意思是某人已經在另一個組織使用 Pega 並擔任了新角色，這就是我們考慮策略目標的方式。

Great. Thanks.

偉大的。謝謝。

Daniel Ives, Wedbush.

丹尼爾艾夫斯，韋德布希。

Yeah. Thanks. Can you talk about, on these AI cycles, how that's changing your overall spending environment? I mean, are you getting brought into more what I'll call AI-driven deals?

是的。謝謝。您能談談在這些人工智慧週期中，這如何改變您的整體支出環境嗎？我的意思是，你是否會參與更多我所說的人工智慧驅動的交易？

Yeah, we are. People have seen what we've done and are intrigued. And so we're really being seen by our customers, in many cases, as the way that they should go about implementing AI. I mean, what better way to implement AI than to make the way your workflows work better? Or to cut down on manual steps? Or to make better decisions for clients? Those are perfect use cases for AI.

是的，我們是。人們已經看到了我們所做的事情並且很感興趣。因此，在許多情況下，我們確實被客戶視為實施人工智慧的正確方式。我的意思是，還有什麼比讓你的工作流程更好地運作更好的方式來實施人工智慧呢？或減少手動步驟？或為客戶做出更好的決策？這些都是人工智慧的完美用例。

So we're a way for companies to incorporate AI in the core of their business without having to craft it by hand from something from Azure or AWS. This is a way for them to incorporate AI as part of something that's very [competitive drivers].

因此，我們是公司將人工智慧融入其業務核心的一種方式，而無需使用 Azure 或 AWS 的東西進行手工製作。這是他們將人工智慧納入非常[有競爭力的驅動因素]的一部分的一種方式。

And of those, how many tend to be more new customers versus existing?

其中，與現有客戶相比，有多少人往往是新客戶？

Well, our strategy was very much about expanding into other areas of existing customers, and that has been our strategy. But I consider another area of a new customer. I mean, another part of the U.S. Department of Commerce, that's really kind of breaking into something new. So it's not as clean as you might want, but we're definitely going to be looking at figuring out how do we open that aperture and bring it to more new organizations, but do it in the style we're already using.

嗯，我們的策略主要是擴展到現有客戶的其他領域，這就是我們的策略。但我考慮另一個領域的新客戶。我的意思是，美國商務部的另一個部門，這確實是一種新的突破。所以它並不像你想要的那麼乾淨，但我們肯定會考慮如何打開這個縫隙並將其帶到更多新組織，但要以我們已經使用的方式進行。

And by way, Dan, just to add one other piece of color, our partners are actually very helpful in assisting us in the selection of some of those target organizations because they may actually be talking to those exact organizations and make recommendations for ones that we should cover. So that's where another helpful connection to AI as well.

順便說一句，丹，再補充一點，我們的合作夥伴實際上在幫助我們選擇其中一些目標組織方面非常有幫助，因為他們實際上可能正在與這些組織進行交談，並為我們選擇的組織提出建議。這也是與人工智慧的另一個有用的聯繫。

That concludes our Q&A session. I will now turn the conference back over to Alan Trefler, Founder and CEO of Pegasystems, for closing remarks. Please go ahead.

我們的問答環節到此結束。現在，我將把會議轉回 Pegasystems 創辦人兼執行長 Alan Trefler 致閉幕詞。請繼續。

Thank you, everyone. We're working hard. We're seeing our customers engage with us, which is enormously invigorating. When we talk about GenAI excitement, I will say that it is palpable, and we're going to continue to improve it, drive it, and hopefully continue to show the good results. Thank you very much, everyone.

謝謝大家。我們正在努力工作。我們看到客戶與我們互動，這非常令人振奮。當我們談論 GenAI 的興奮時，我會說這是顯而易見的，我們將繼續改進它，推動它，並希望繼續展示良好的結果。非常感謝大家。

Ladies and gentlemen, that concludes today's call. Thank you all for joining. You may now disconnect.

女士們、先生們，今天的電話會議到此結束。感謝大家的加入。您現在可以斷開連線。